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Jamaica is set to benefit from overseas technical assistance on Transfer Pricing. Consultants from the Organisation for Economic Co-operation and Development (OECD) and the World Bank will be in the island January 18 – 22, 2016. During the week-long visit, technical training will be held for staff of Tax Administration Jamaica (TAJ) and stakeholder engagements accommodated. The visit coincides...
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With the March 15 Income Tax due date just two months away, Tax Administration Jamaica (TAJ) is urging taxpayers to begin preparations to file their income tax returns early and online to avoid the usual last minute rush.
All companies, organisations, self-employed persons, as well as employed persons with additional sources of income, are reminded to file their Annual Income Tax Return for...
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A new income tax threshold of $592,800 per annum comes into effect in the New Year on January 1, 2016, moving up from the current tax-free amount of $557,232.
The increase in the threshold means that the corresponding tax-free portion to be used by employers, as of January 2016, in making periodic payments is as follows:
$11,400.00 Weekly
$ 22,800.00 Fortnightly
$ 49,400.00 Monthly ...
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The Arm’s Length Principle (ALP), which is the foundation of internationally accepted transfer pricing rules, was introduced in the Income Tax Act in 1970 as section 17. The effect of the 2015 Income Tax amendments were to provide a degree of clarity and certainty to taxpayers on the acceptable methods of determining the transfer price based on the Arm’s Length Principle, provide greater...
Leer más sobre Transfer Pricing Provisions »

Amendments to the Income Tax Act to introduce Transfer Pricing legislation have been passed by both Houses of Parliament and are set to take effect for year of assessment 2015 and subsequent years. These amendments, drafted in accordance with Organization for Economic Cooperation and Development (OECD) standards will strengthen and clarify the existing provisions under the Act relating to...
Leer más sobre Transfer Pricing Legislation to take effect »